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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

Markets started the week with modest gains amid volatility, in continuation of the recent pause.   After the initial downtick, Nifty oscillated sharply in a range and finally settled at 22,050 levels.  Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein metal, auto and energy were among the top gainers while IT and FMCG witnessed profit taking. The broader indices edged lower after two days of rebound and lost nearly half a percent each.

The recent price action in Nifty shows indecisiveness among the participants and frequent breakout failures on the stock-specific front further adding to their worries. We thus feel it is prudent to limit positions in the current scenario and wait for clarity over the next directional move. 

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